PACB sells short-read assets to Illumina for $50M; settles PGI litigation; appoints new CEO

Filed August 6, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 7, 2025 · ~2 min read

Key Changes

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  Sold short-read DNA sequencing assets to Illumina for $50M cash (net $48.1M) in January 2026, exiting the platform discontinued in 2025. Retained certain pre-closing liabilities; company states it has adequately accrued but cannot assure no additional costs.

  Notes: Asset sale to Illumina view on EDGAR →
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  Settled all disclosed patent litigation: PGI U.S. District Court case (filed 2019), Take2/CUHK litigation (resolved via patent purchase), and China proceedings (closed by Supreme Court ruling). PGI settlement requires $8M paid Q2 2026 plus $5M annually 2027-2029.

  Legal Proceedings verify on EDGAR →
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  Appointed Mark Van Oene as President and CEO effective August 5, 2026, replacing Christian Henry (who remains on the board). Third restructuring in two years announced July 30, 2026: 8% workforce reduction (~40 employees), $30-40M annualized opex savings by end of 2027.

  MD&A: CEO transition; Notes: 2026 restructuring verify on EDGAR →